Square One Wealth Management LLP - LLP accounts 23.2

REGISTERED NUMBER: OC304412 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SQUARE ONE WEALTH MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

J Kelly

N Jenner

V P Ward

REGISTERED OFFICE:

Maple Barn

Beeches Farm Road

Uckfield

East Sussex

TN22 5QD

REGISTERED NUMBER:

OC304412 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

BANKERS:

Barclays Bank PLC

90-92 High Street

Crawley

East Sussex

RH10 1BP

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of independent financial advisors.

DESIGNATED MEMBERS

The designated members during the year under review were:

J Kelly

Square One Financial Planning Ltd

N Jenner

V P Ward

Square One Financial Planning Ltd resigned as a member 19 October 2022.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £413,547 (2022 - £584,810 profit).

MEMBERS' INTERESTS

It is the members' policy to ensure that there is sufficient working capital in the business, and payment of creditors would take precedence over drawings by members. Apart from their initial capital, all further injections of cash are regarded as loans and consequently there have been no transfers from capital to debt since the balance sheet date.

GOING CONCERN

The members have a reasonable expectation that the LLP has adequate resources to continue in existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:

J Kelly - Designated member

19 December 2023

TURNOVER

1,164,579

1,243,684

Cost of sales

(389,029

)

(457,810

)

GROSS PROFIT

775,550

785,874

Administrative expenses

(373,022

)

(229,794

)

402,528

556,080

Other operating income

43,448

43,807

OPERATING PROFIT

4

445,976

599,887

Income from fixed asset investments

651

3,815

Interest receivable and similar income

80

9

446,707

603,711

Interest payable and similar expenses

(33,160

)

(18,901

)

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

413,547

584,810

FIXED ASSETS

Intangible assets

6

172,500

-

Tangible assets

7

126,627

168,896

Investments

8

57,600

33,100

356,727

201,996

CURRENT ASSETS

Stocks

9

21,895

28,613

Debtors

10

857,008

559,787

Cash at bank and in hand

301

31,202

879,204

619,602

CREDITORS

Amounts falling due within one year

11

(624,999

)

(206,065

)

NET CURRENT ASSETS

254,205

413,537

TOTAL ASSETS LESS CURRENT LIABILITIES

610,932

615,533

CREDITORS

Amounts falling due after more than one year

12

(555,932

)

(507,446

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

55,000

108,087

LOANS AND OTHER DEBTS DUE TO MEMBERS

13

-

53,087

MEMBERS' OTHER INTERESTS

Capital accounts

55,000

55,000

55,000

108,087

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

13

-

53,087

Members' other interests

55,000

55,000

Amounts due from members

10

(107,701

)

(528

)

(52,701

)

107,559

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 19 December 2023 and were signed by:

J Kelly - Designated member

1.	STATUTORY INFORMATION

Square One Financial Planning LLP registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. The LLP's principle place of business is the registered office.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of services is billed at the point of completion and as a result revenue will be accrued as work in progress based on an estimate of services provided to date.

Goodwill

Goodwill was acquired during the year ended 31 March 2023 and will be amortised evenly over its estimated useful life.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment

-

15% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Impairment

At each balance sheet date, the LLP reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Work in progress include work incurred on behalf of clients that has not yet been billed and are considered to be receivable.

Financial instruments

Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the LLP pays contributions into a separate entity. Once the contributions have been paid, the LLP has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

Government backed loans

Included in bank loans is a coronavirus business intervention loan which is guaranteed by the government. As part of the coronavirus business intervention loan scheme the government is paying the first year of interest on the loan.

Investments

Investments in related parties are included at cost.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2022 - 3 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.23

31.3.22

£

£

Depreciation - owned assets

20,016

24,906

5.	INFORMATION IN RELATION TO MEMBERS

31.3.23

31.3.22

The average number of members during the year was

4

4

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

172,500

At 31 March 2023

172,500

NET BOOK VALUE

At 31 March 2023

172,500

7.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2022

198,707

2,595

201,302

Additions

-

747

747

Disposals

(35,000

)

-

(35,000

)

At 31 March 2023

163,707

3,342

167,049

DEPRECIATION

At 1 April 2022

30,600

1,806

32,406

Charge for year

18,480

1,536

20,016

Eliminated on disposal

(12,000

)

-

(12,000

)

At 31 March 2023

37,080

3,342

40,422

NET BOOK VALUE

At 31 March 2023

126,627

-

126,627

At 31 March 2022

168,107

789

168,896

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2022

33,100

Additions

25,000

Impairments

(500

)

At 31 March 2023

57,600

NET BOOK VALUE

At 31 March 2023

57,600

At 31 March 2022

33,100

9.

STOCKS

31.3.23

31.3.22

£

£

Work in progress

21,895

28,613

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

857,008

559,787

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

75,954

76,395

Hire purchase contracts

14,154

13,216

Trade creditors

24,020

35,278

Taxation and social security

4,486

7,022

Other creditors

506,385

74,154

624,999

206,065

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

30,332

85,801

Hire purchase contracts

89,345

104,805

Other creditors

436,255

316,840

555,932

507,446

13.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.23

31.3.22

£

£

Amounts owed to members in respect of profits

-

53,087

Falling due within one year

-

53,087

Loans and other debts due to members' (other than members' capital classified as debt) rank last in relation to other creditors.